42Markets Group Secures $10m Growth Capital

Nume Ekeghe

42Markets Group, has said it secured $10 million in growth funding from Convergence Partners, a leading private equity investor dedicated to the technology sector across sub-Saharan Africa.

This funding is coming after it recently closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million.

In a statement, 42Markets Group Chief Executive Officer, Andries Brink stated, “This is a real vote of confidence in the positive impact investment in digital financial infrastructure can have, both in developing and in mature markets.” 

On his part, Chief Executive Officer of Convergence Partners, Brandon Doyle added: “This is one of our first investments in the digital transformation of financial markets. We see 42Markets as an emerging winner in this space. Their group companies have a long track record of consistent double-digit growth and a quality leadership team with deep expertise and experience in the capital markets.

“Fourteen leading global development finance institutions (DFIs) based in Europe, the US and Africa are the investors in CPDIF and Brink said, “This is the connected capital we have been looking for. We are proactively engaging with these investors to explore further opportunities to work together”.